The annual savings for a person who switches their daily commute by car to taking public transportation is $9,474, according to the American Public Transportation Association's (APTA) June Transit Savings Report. Individuals who ride public transportation instead of driving can save, on average, more than $790 per month.
The savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle, which includes the June 6, 2016 average national gas price of $2.36 per gallon, reported by AAA, and the national unreserved monthly parking rate numbers.
APTA releases this monthly Transit Savings Report to examine how an individual in a two-person household can save money by taking public transportation and living with one less car.
The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the latest report of the 2012 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.